The name covers essentially what this plugin does.
It will split up the mid and side information into two channels (left and right) or combine them back together.
It also offers to just do both at one time while adjusting the volume of each.
The “Stereo correlation and balance meter” is a really great feature!
With the decoded signals there are endless possibilities how to proceed.
Of cause the Internet has a tutorial which acutally features this excact plugin. If you need some inspiration I highly recommend to read this.
It looks nice, though it is no eye candy
does not creat a mid side “effect” itself but can de and encode or manipulate side or mid gain.
low load ~0,9